Category: innovation

Entrepreneurship is an exciting and all consuming job. People seem to want to equate entrepreneurs with only big ideas. When we think of entrepreneurs we seem to automatically think of Steve Jobs, Bill Gates, Larry Page, and Sergey Brin and many other like them.

But in reality these super entrepreneurs are not the only definition of entrepreneurship.

What about a small business owner that designs and sells custom fountain pens. Is he an entrepreneur?

Manufacturing industry is rapidly changing by digitization. From robots tied to sophisticated computer networks to standalone manufacturing machines from different vendors that can “talk” to each other. Digitization is revolutionizing businesses regardless of industry. It’s footprint is seen not only in manufacturing but also other industries across hundreds of niche markets.

I have worked with many business owners, executives, and entrepreneurs that didn’t go to business school yet they are extremely good at what they do. It almost seems like if they had gone to business school they would not have been any more successful than they are.

Here are some things that they don’t teach you in business school:

How to deal with real life challenges of running a business
When to trust your instinct
How to deal with failure

As marketers and business owners we often feel the only way to make a big impact in profitability is with breakthrough product or service. But in reality breakthroughs are rare and require a truly unique combination of factors to come together.

According to National Venture Capital Association, in the first 3 months of 2015, VCs invested more money than the full year totals for 17 years of the past 20 years. In the world of top VCs, finding entrepreneurs that want to change the world is what’s it’s all about because breakthrough ideas can bring in a lot of money. VCs are looking for innovators and visionaries with an infectious belief and enthusiasm in their new product even if the rest of the world doesn’t believe in them.

It seems to me that the practice of management has gone through dramatic recent changes. Corporations have shifted from hierarchical style of management to flat organizations, eliminating much of the middle management jobs. Part of this change is driven by a continuous need to lower costs and increase value. Does this mean there will come a day in the not so distant future when there will be no managers?

No one wants to willingly admit failure. That awful feeling that comes with trying to talk about an event that we are not so proud of, maybe even blaming ourselves for it. Yet most entrepreneurs and business owners know that failure is a part of life.